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In a busy day for economic data, Philly Fed, Initial Jobless Claims, and Continuing Claims have all been released so far and all three missed expectations. Still on the calendar, we have preliminary Markit PMI data, Leading Indicators, and Existing Home Sales. Futures were moderately lower early on, but have actually started to pick up steam in the aftermath of the data.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, the latest news in global markets, preliminary PMI data, the latest global and national trends related to the COVID-19 outbreak, and much more.
Yesterday was a strong day for semis as the group broke above short-term resistance and also into the gap from its decline on 2/24 when it gapped down below its 200-DMA. Semis the ‘Transports of the 21st Century and strength from this sector is an encouraging trend for the broader market.